The Zurich Financial Services Group announced that it has completed an important step in the rationalization of its Group holding legal entity structure. The bulletin explained that “part of the overall legal restructuring” involved merging Zurich Group Holding (ZGH), “the Group’s penultimate holding company,” into Zurich Financial Services Ltd, “the Group’s ultimate holding company.”
In a further explanation Zurich said: “Allied Zurich Ltd., a 100 percent owned subsidiary of Zurich Financial Services Ltd, had already sold its 42.3 percent share in ZGH to Zurich Financial Services Ltd on August 19, 2009. As two layers of holding companies were effectively taken out, Zurich Financial Services Ltd is now the immediate holding company of Zurich Insurance Company Ltd, the Group’s main operating company.”
Zurich explained that the further simplification was designed to “increase the Group’s flexibility and transparency and enable it to manage its capital and dividend flow more effectively. There is no impact on the consolidated financial position of Zurich.”
Source: Zurich Financial Services – www.zurich.com
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